NEW YORK — Electronics chain Best Buy Co. says it is cutting 400 jobs at its headquarters as part of a larger $725 million cost-cutting plan.

The cuts are part of a move to save $150 million in selling, general and administrative costs. Best Buy says they're the first phase of the larger cost-cutting plan that new CEO Hubert Joly announced in November.

Best Buy has been seeking to turn around results as it faces increased competition from online and discount retailers.